Q: What property can you leave out of a bankruptcy?
A: You can't leave any of your property out of a bankruptcy. You may be able to exempt certain property, but you must disclose everything. Typical Colorado exemptions are the $75,000.00 homestead exemption ($105,000 if one is over 60 or disabled), $7500 for up to two vehicles ($12,500 if over 60 or disabled) and many others. You must have been a Colorado resident for at least two years in order to use those exemptions. There are numerous others and some are very technical. There are many traps for the unwary. Be sure to consult an experienced bankruptcy attorney before filing.
A: The simple answer to whether one can leave an asset out of the bankruptcy is: no, you can’t. When filing a Chapter 7 or Chapter 13 bankruptcy petition, you must include all of your assets, debts, and income. But this does not mean that you will lose assets simply because they are listed in your bankruptcy petition.
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